Markets cheer BJP’s victory. Nifty soars 2%.

Markets have welcomed the election results giving a thumbs up to a stable government with anticipation to reforms in the much ailing economic sector. The rally has been extended from the highs of Friday, when the markets had zoomed up following exit polls predicting a sweep out in the elections held in 4 states of the country.

Markets seem to be thrilled with a change in governance, as seen in the election results. Many analysts have been of the opinion that the results were no short of a mini lok sabha poll, indicating the sentiment country wide reflecting a push for change in governance.

Traders have shown thumbs up to the results which have shown decisive verdicts in almost all the states except that of Delhi.

The Nifty has shot up by nearly 2% at 6380, up by 120 points. The Sensex is up by 392 points, very close to the 21400 level.

Banking stocks have again led the rally. The Bank Nifty has gained over 430 points in the trade today.

ICICI Bank, the leading private bank major has crossed 5% gains in today’s trade alone. The stock is trading at 1201. PNB has also scored an impressive gain of over 5% at 623. AxisBank is up by 3%, while HDFC Bank has moved up by 3.5%.

Midcap banks have also shown spectacular gains. Canara Bank has seen a surge of 5% at 278.05. Oriental Bank of Commerce (ORIENTBANK) has seen gains of 8%. Dena Bank is up by 3.3%. Andhra Bank is up by 2.5%.

Infra Majors have also seen surges. LT is again up by 3.5% at 1132.85.